TCGA92/S279A

The sections provide for individuals and others within the charge to capital gains tax (but not companies within the charge to corporation tax) to elect in certain circumstances for a new treatment of capital losses accruing on disposals of certain rights to deferred unascertainable consideration, where those losses accrue for TCGA purposes on or after 10 April 2003.

Where this treatment applies, and all the relevant conditions of sections TCGA92/S279A to TCGA92/S279D are met, it will be possible to set the loss off against chargeable gains which accrued in years of assessment before the one in which the loss accrued, provided that a chargeable gain accrued in the year of assessment in question on a disposal (or part disposal) of the asset (or any of the assets) for which the right was conferred.